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FAIR VALUE MEASUREMENTS (Tables)
 9 Months Ended
Sep. 30, 2023
Fair Value Disclosures [Abstract]  
Schedule of fair value measurements along with the level within the fair value hierarchy in which the fair value measurements fall
The following table presents the Company’s fair value measurements as of September 30, 2023 along with the level within the fair value hierarchy in which the fair value measurements, in their entirety, fall.
(In thousands)Fair Value at September 30, 2023Quoted Prices in Active Markets for Identical Assets (Level 1)Significant Other Observable Inputs (Level 2)Significant Unobservable Inputs (Level 3)
Cash, cash equivalents, and restricted cash
Cash and money market$543,316 $543,316 $— $— 
Commercial paper49,806 — 49,806 — 
U.S. government agency securities1,490 — 1,490 — 
Restricted cash297 297 — — 
Marketable securities
Corporate bonds$55,110 $— $55,110 $— 
U.S. government agency securities42,932 — 42,932 — 
Asset backed securities30,105 — 30,105 — 
Commercial paper8,902 — 8,902 — 
Equity securities2,745 2,745 — — 
Non-marketable securities$9,057 $— $— $9,057 
Liabilities
Contingent consideration$(293,777)$— $— $(293,777)
Total$449,983 $546,358 $188,345 $(284,720)
The following table presents the Company’s fair value measurements as of December 31, 2022 along with the level within the fair value hierarchy in which the fair value measurements, in their entirety, fall.
(In thousands)Fair Value at December 31, 2022Quoted Prices in Active Markets for Identical Assets (Level 1)Significant Other Observable Inputs (Level 2)Significant Unobservable Inputs (Level 3)
Cash and cash equivalents
Cash and money market$178,168 $178,168 $— $— 
Commercial paper63,021 — 63,021 — 
U.S. government agency securities1,304 — 1,304 — 
Restricted cash297 297 — — 
Marketable securities
U.S. government agency securities$225,223 $— $225,223 $— 
Corporate bonds114,671 — 114,671 — 
Asset backed securities44,521 — 44,521 — 
Equity securities5,149 5,149 — — 
Non-marketable securities$10,065 $— $— $10,065 
Liabilities
Contingent consideration$(306,927)$— $— $(306,927)
Total$335,492 $183,614 $448,740 $(296,862)
Schedule of fair value of contingent consideration
The following table provides a reconciliation of the beginning and ending balances of contingent consideration:
(In thousands)Contingent Consideration
Beginning balance, January 1, 2023$306,927 
Changes in fair value (1)(13,051)
Payments(99)
Ending balance, September 30, 2023
$293,777 
______________
(1)The change in fair value of the contingent consideration liability was a reduction of $5.9 million and $57.6 million for the three and nine months ended September 30, 2022, respectively, which is included in general and administrative expenses in the condensed consolidated statement of operations.
Securities Owned Not Readily Marketable
The Company has elected the fair value option under the income approach to measure its non-marketable securities categorized as Level 3 measurements. Gains and losses recorded on non-marketable securities are included in investment income (loss), net in the condensed consolidated statement of operations. The following table provides a reconciliation of the beginning and ending balances of non-marketable securities valued using the fair value option:
(In thousands)Non-Marketable Securities
Beginning balance, January 1, 2023$10,065 
Purchases of non-marketable securities6,957 
Changes in fair value(7,965)
Ending balance, September 30, 2023
$9,057